You never know what’s just around the corner – a broken boiler, a vet’s bill, or an urgent home repair – so what do you do if disaster strikes and your monthly income simply won’t stretch to foot the bill? This is where payday loans can help. These short-term loans are there to help you when you need them most, with funds deposited in as little as 24 hours in some cases. Read on to learn more about how payday loans can help when you’re faced with a financial emergency.
Payday Loans: A Quick Guide
Payday loans are a short-term option that allows borrowers access to cash when their income will not stretch to cover an emergency expense. They are typically used for medical or vets bills, as well as urgent home and car repairs. They are offered by online lenders and are paid back over a short amount of time, usually on the borrower’s next payday. Whilst you need to be aware of the total cost of borrowing – the loan amount, along with added interest and other hidden fees – this short-term option can be helpful if you find yourself faced with a situation you did not account for in your monthly budget.
Benefits of Payday Loans
Whilst borrowers need to be sure they can afford to pay back a payday loan to ensure they don’t fall further into debt, these loans can be a lifeline for those that would otherwise struggle to make ends meet. Here are a few ways in which payday loans can help when unexpected expenses strike.
Access to Funds Quickly
Payday loans allow you to access money quickly, which is essential when faced with an emergency expense – time is of the essence. When you submit your loan application, your chosen lender will process this sometimes in as little as a few minutes. Payday loan lenders can offer same-day loans, and 24-hour loans, which means you won’t be kept waiting for money to be deposited into your bank as you would with traditional options. This allows you to face your expenses head-on, and deal with them quickly and easily.
Easy Application Process
With traditional bank loans, the application process can be long and arduous, but payday loans are different. Because these lenders often operate online, the process is straightforward and can be completed quickly. All you must do is find a reputable lender with fees and repayment requirements to suit you and fill in the application online. Often this only takes a few minutes, and you can do it in your own time, without having to leave the house. Applying online means you can track your application, and contact your lender easily should you need to.
Payday Loans for Bad Credit
If you have a less-than-impressive credit score, obtaining additional cash in the form of a loan may seem impossible, but this is where payday loans can help. If you’re faced with an unexpected emergency, payday loan lenders will focus on affordability rather than your credit score. So if you have a regular income, and show you have a way of paying off your loan, your application is likely to be accepted even if you’ve struggled with loan approval in the past. This can be incredibly helpful, especially if you have nowhere else to turn when you’re struggling to make your money go further.